Pinnacle Associates Ltd. Boosts Stock Position in ConocoPhillips (NYSE:COP)

Pinnacle Associates Ltd. lifted its position in shares of ConocoPhillips (NYSE:COP) by 1.2% in the third quarter, HoldingsChannel.com reports. The firm owned 93,574 shares of the energy producer’s stock after purchasing an additional 1,108 shares during the period. Pinnacle Associates Ltd.’s holdings in ConocoPhillips were worth $10,861,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of COP. Price T Rowe Associates Inc. MD lifted its holdings in ConocoPhillips by 35.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 32,192,580 shares of the energy producer’s stock worth $4,097,473,000 after buying an additional 8,479,963 shares during the period. Capital International Investors lifted its holdings in ConocoPhillips by 9.6% in the first quarter. Capital International Investors now owns 21,252,822 shares of the energy producer’s stock worth $2,705,059,000 after buying an additional 1,856,085 shares during the period. International Assets Investment Management LLC lifted its holdings in ConocoPhillips by 10,634.2% in the third quarter. International Assets Investment Management LLC now owns 1,205,666 shares of the energy producer’s stock worth $126,933,000 after buying an additional 1,194,434 shares during the period. Clearbridge Investments LLC lifted its holdings in ConocoPhillips by 46.0% in the first quarter. Clearbridge Investments LLC now owns 3,219,929 shares of the energy producer’s stock worth $409,833,000 after buying an additional 1,015,158 shares during the period. Finally, TD Asset Management Inc lifted its holdings in ConocoPhillips by 34.7% in the first quarter. TD Asset Management Inc now owns 2,762,431 shares of the energy producer’s stock worth $351,602,000 after buying an additional 712,062 shares during the period. 82.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on COP. Sanford C. Bernstein lowered their price objective on shares of ConocoPhillips from $147.00 to $132.00 and set an “outperform” rating for the company in a report on Wednesday, July 17th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $126.00 target price (down previously from $139.00) on shares of ConocoPhillips in a research note on Friday, October 11th. Wells Fargo & Company reaffirmed a “sector perform” rating on shares of ConocoPhillips in a research note on Friday, October 18th. Susquehanna decreased their target price on shares of ConocoPhillips from $147.00 to $144.00 and set a “positive” rating for the company in a research note on Friday, October 18th. Finally, Truist Financial decreased their target price on shares of ConocoPhillips from $145.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.94.

Insiders Place Their Bets

In other ConocoPhillips news, Director Timothy A. Leach sold 55,500 shares of ConocoPhillips stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $108.11, for a total value of $6,000,105.00. Following the completion of the sale, the director now owns 455,909 shares of the company’s stock, valued at approximately $49,288,321.99. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.34% of the stock is currently owned by insiders.

ConocoPhillips Trading Up 0.7 %

NYSE:COP opened at $103.03 on Thursday. The company has a current ratio of 1.33, a quick ratio of 1.19 and a debt-to-equity ratio of 0.34. ConocoPhillips has a 12 month low of $101.29 and a 12 month high of $135.18. The company has a market cap of $119.64 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 0.85 and a beta of 1.21. The company has a 50 day simple moving average of $108.02 and a two-hundred day simple moving average of $113.20.

ConocoPhillips (NYSE:COP) last posted its earnings results on Thursday, August 1st. The energy producer reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.02. ConocoPhillips had a net margin of 18.18% and a return on equity of 20.81%. The business had revenue of $14.14 billion during the quarter, compared to the consensus estimate of $14.96 billion. During the same quarter in the previous year, the firm posted $1.84 EPS. The firm’s revenue was up 9.7% on a year-over-year basis. Research analysts forecast that ConocoPhillips will post 7.85 earnings per share for the current year.

ConocoPhillips Company Profile

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally. The company's portfolio includes unconventional plays in North America; conventional assets in North America, Europe, Asia, and Australia; global LNG developments; oil sands assets in Canada; and an inventory of global exploration prospects.